If you are trying to get into the real estate business, you might have one or more properties that you've purchased with the intent to rent. But if one of your rental properties is having difficulty finding a tenant, you might want to consider upping your game. Here are three ways you can improve a rental property through renovation.
Focus on the Kitchen and any Light Fixtures
Unless your rental property is furnished, chances are the living room, dining room and maybe the bedroom are completely empty aside from the light fixtures. The one exception is likely the kitchen which may come with some appliances already installed. If you want to attract a high-end tenant, start with the parts of the property that your future tenant can't easily change on their own. Install new cabinets or new tiles in the kitchen or change the entire layout so you can put in an island. Then, upgrade all light fixtures or other permanent parts of the property to finish the look.
Move to the Bathroom Next
Of course, one other area of the apartment that you don't want to forget is the bathroom. If your current property just has a standard bathtub, shower head and curtain, you can opt for a more high-end look by installing a glass shower enclosure. While you're in there, look and see if you have space to install a second sink or at least upgrade the look of the one that's already in there. A full body mirror in either the bathroom or the bedroom will complete the look.
Put Everything in a Good Light
Putting your property in a good light could mean properly staging certain rooms to create a lived-in look for people coming to inspect the property. But "good light" also means literally just that. Make sure the property is well-illuminated when someone is looking at it, being sure to draw back any curtains or blinds. If the windows are dirty or worn down, you could look at doing a full window replacement and then install automatic blinds that can open or close on command.
If your current rental property is not bringing in the money you would like, you can probably attract a much higher-end tenant with just a little bit of renovation. The kitchen and bathroom are key areas of the property, so start there. Talk to a renovation contractor, such as at Lehman Construction Services Inc, for more ideas.
When I started looking for someone to build my dream home, I realized that I was going to need to be very picky about how I wanted things to proceed. Instead of just choosing anyone to do the work, I started realizing that I needed to work harder to find the perfect team of experts. I started looking everywhere for just the right people, and I was really impressed with one team that stood out to me. They built an absolutely breathtaking home for us, and I know that it might not have worked out that way had we worked with different people. This blog is all about interviewing contractors.